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Appointment of scheme actuary and actuarial valuations

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158.—(1) The Department must appoint an individual (the “scheme actuary”) to provide a consulting service on actuarial matters in relation to this scheme and any connected scheme.

(2) The scheme actuary is responsible for—

(a)carrying out valuations of the scheme and any connected scheme; and

(b)preparing a report on such a valuation.

(3) Before appointing an individual as scheme actuary the Department must be satisfied that the individual is appropriately qualified to carry out valuations of this scheme and any connected scheme in accordance with Department directions under section 11 of the Act (the Department directions).

(4) The scheme administrator is responsible for providing the scheme actuary with any data that the scheme actuary requires in order to carry out a valuation and prepare a report on the valuation.

(5) A valuation of the scheme and any connected scheme and the preparation of a report on the valuation must be carried out in accordance with the Department directions.

(6) Valuations of the scheme must be carried out within a time-frame which enables requirements in the Department directions regarding dates which are applicable to the valuation to be met.

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